Assurant Assets Being Sold Off By Fortis

Assurant is about to be spun off by its parent Belgium-based Fortis, which sold off 65 percent of Assurant last year. Fortis has registered to sell the rest of the company in a deal involving the sale of stock and bonds worth more than $800 million.

Fortis, a large financial services organization, raised more than $2 billion last year through the initial sale of 92 million shares of Assurant stock and other divestitures. Assurant is listed on the New York Stock Exchange. Since its original offering, Assurant stock has done quite well, rising 36 percent to $30.10 from $22.

Fortis has registered to sell 27.2 million Assurant shares. At Tuesday’s closing price, the sale would yield $818 million. Coupled with a proposed bond sale, it would effectively reduce Fortis’ stake in Assurant to zero.